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Another Bristow Short Sale SOLD!

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Real Estate Agent with Long and Foster Real Estate VA License # 0225089470

Another Bristow Short Sale SOLD!

I would say it is the supply of rabbit's feet that my precious Gray Kitty keeps bringing into the garage, but I don't believe in luck.  There is no such thing as luck in getting a Short Sale to closing.  There is marekting the property like you would any other listing, being able to spot serious buyers, talk sense to the Short Sale banks, and finally, talking sense to the buyer's appraiser.

This Bristow Short Sale sold for $435,000 on April 29, 2015.This Bristow Short Sale started at the end of November 2014.  The Bristow market was not jumping all over single family homes, as it had been.  I'd had a listing just up the street in move in ready condition I couldn't move, and now I had a Short Sale that had been vacant and needed some TLC.  How to price it?  I did my best in advising the Seller.  We chose $399,000 and couldn't get it.  We were lucky to get a buyer to offer $385,000.  But the bank wouldn't take it.  They wanted $452,000.  Quite a difference.  But the move-in ready homes on the block weren't selling at $452,000.  What to do.

We got the bank to do an appraisal.  They never showed us.  They came back and said they would take $435,000.  So this Bristow Short Sale Agent put it back on the market on February 18th for the price the bank wanted, after we lost our first buyer.  The pre-spring market was lacking single family homes, so the timing was good.  On March 1st, we got a buyer that was willing to pay $435,000.

Getting the Short Sale Banks to accept was not as bad as I thought.  Our first trust was not an issue.  The second trust inidcated they would be, but when our worthless negotiator was fired, and someone who knew what they were doing took over, it went through easily.

Family RoomNow, on to the Buyer's home inspection and appraisal.  The inspection was less troubling than the appraisal.  The appraiser showed up and more or less announced that he thought the home was worth $410,000....a Short Sale of similiar condition in the neighborhood.  I had to make my case.  What did my listing have that better conditioned homes didn't?  A walk out basement.  Wooded lot.  And the final argument, the Bueyr had seen the $410,000 home and decided they would rather have our listing at $435,000 than the $410,000.

Waiting for the results of the appraisal was torture.  The appraiser left, annoyed with me, but took my comps and information.  When I heard the appraisal report was stuck in underwriting, I was convinced we were sunk.  NOPE.  The house appraised OVER sales price.  

The perception from consumers is that Short Sales are deals.  They are the fire sales of the neighborhood.  That perception came from the market downturn when banks were the first to buy in to the market conditions and lower prices to meet the overwhelming lack of buyer demand.  NOW, with high buyer demand and fewer homes, banks can be unreasonable the other way.  And you would be smart to have a Short Sale Agent like me to justify the bank approved priced to the appraiser when the deal is nearly to the finish line.  

Closing Short Sales isn't luck.  It's hard work, persistence, skill and an unrelenting desire to do the right thing for the Seller.  When you need a Short Sale Agent, give me a call and let's talk.

Comments (8)

Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Congratulations on the sale and job well done. Short sales are still a challenge and the seller should be happy they hired you, who knows how to get them done. 

Apr 29, 2015 11:35 PM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Chris Ann. I was never able to close a short sale. I am really impresses you can and do all the time. Well done!

Apr 30, 2015 12:20 AM
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Chris Ann - Congratulations! There are very few agents who can consistently shepherd a short sale to closing, but you have the experience, skill and patience to stand out in a very difficult field. Your record with these is amazing.

Apr 30, 2015 01:49 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Chris Ann

Nice home . . . . Congratulations on the sale.

Good luck and success.

Lou Ludwig

Apr 30, 2015 08:56 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Scott:  I know my Seller is relieved it is over and no longer weighing on him.

Sheila:  I do what i have to do to get it done.

Dick:  Thanks.  I have put in a lot of hours on Short Sales and gained knowledge that will serve me for the entirety of my career in real estate.

Lou:  Thanks!

 

Apr 30, 2015 10:16 AM
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

Hi Chris Ann Cleland ,  Congratulations on your sale and Congratulations again on it being a Short Sale.

Apr 30, 2015 01:48 PM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Closing a short sale is never luck, it is a lot of work for a listing agent.

Congratulations on this successful closing!

Apr 30, 2015 05:01 PM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Larry:  It feels extra special to close one of these.  The harder the banks to deal with, the more special it is to get it done.

Inna:  Thank you!

May 01, 2015 12:34 AM